PUBLISHER: SkyQuest | PRODUCT CODE: 1270766
PUBLISHER: SkyQuest | PRODUCT CODE: 1270766
Global Automotive E-Commerce Market size was valued at USD 38.67 billion in 2021 and is poised to grow from USD 45.44 billion in 2022 to USD 193.98 billion by 2030, growing at a CAGR of 17.5% in the forecast period (2023-2030).
Growing customer and independent store demand for access to more affordably priced automotive aftermarket parts is stimulating the market. Traditional auto retailers are also utilising e-commerce sales platforms to increase revenue and enhance customer service. It is projected that e-commerce methods used by pure-play merchants will continue to drive the market's growth.
The ongoing trend of consumers customising and decorating the interiors and exteriors of cars in accordance with their tastes and passions supports market growth. The purpose of buying luxuries like lights and accessories is to often personalise. As a result, there are less issues with installation costs and delivery times, which in turn reduces the consequences of choosing and installing the wrong things. These accessories can be installed by consumers themselves because of how easy it is to transfer them due to their small size.
The COVID-19 outbreak has significantly affected e-commerce's aftermarket. COVID-19 limited vehicle production and product development activity due to the implementation of lockdowns by a number of regional governments. Due to global constraints on supply chain activities, business closures, and declining revenues, conventional players have also turned to e-commerce sales channels for automotive equipment. This tendency has produced more successful sales when combined with traditional sales methods, which are anticipated to present prospective development prospects over the forecasted time.
Due to the complicated needs and numerous product specifications of the automotive aftermarket sector, customers find it difficult to estimate the cost of services or a product. To prevent overpaying and obtaining poor customer care, consumers choose for a standardised platform from a known brand when buying goods and services. Large e-commerce platforms that sell goods from numerous brands in various places act as service aggregators by providing uniform services throughout their service area.
Top-down and bottom-up approaches were used to estimate and validate the size of global Automotive E Commerce Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.
Segments covered in this report
The Global Automotive E-Commerce Market is segmented based on the Component, Vehicle Type, and region. Based on the Component, the Global Automotive E-Commerce Market is segmented as Informational and Multimedia, Engine, Tires and Wheels, Interior Accessories, Electrical Product, and Others. Based On Vehicle Type, the Global Automotive E-Commerce Market is segmented as Passenger and Commercial. Based on Region Automotive E Commerce Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
The accelerating growth of the worldwide automotive e-commerce business is fueled by an increase in OEM technology demand and auto sales. The sale of new and old cars may be aided by the e-commerce industry. As customers become more aware of their marketing potential and value how simple and quick they are to use, e-commerce platforms are likewise growing in popularity.
The increasing tendency of consumers to purchase aftermarket automotive products directly from the manufacturer is the main driver propelling the growth of the automotive e-commerce market. As a result, consumers can get same-day delivery, reasonable pricing, extra offers and discounts, and many other advantages. Users can do in-depth research and comparisons before choosing the required products in this mode, which may take hours in a physical store.
It is anticipated that the availability of fake car parts and modules will limit industry growth. Many manufacturers create imitations of real auto parts and sell them for less money. Tie rods, steering arms, windscreens, taillights, headlights, bumpers, and filters are a few examples of the parts that the counterfeit market frequently targets since they are simple to replicate and have a high profit margin. The demand for second-copy vehicle components is growing from a variety of geographical locations as a result of a growth in the number of manufacturers of automotive spare parts. These gadgets are of poor quality and are likely to malfunction frequently. This casts a bad light on the industry and has an impact on automobile e-commerce.
video tutorials that provide instructions for DIY installation
If you wish to engage with that developing market sector, you can draw customers to your website. For installation tutorial films, some car dealers have created a YouTube channel. You can also talk about the most recent car models or educate readers on cutting-edge technology.
After watching YOUR how-to video, DIYers can easily visit your parts website. Think about watching a YouTube video and then scrolling down to the description to find links to all the necessary auto parts.
massive growth in the number of vehicles
Over the past ten years, the competitive level has seen a considerable transition due to the participation of various national and international players. Because customers now have more choices, they are more powerful consumers, which has boosted business pressure to create cutting-edge technological advances and capture the market. The companies' innovations, which have focused on the security and luxury of automobiles as well as the services provided to their customers, are expected to propel the automotive e-commerce market even further.